On Thursday, mobile phone handset maker Nokia announced that it has signed a multi-year smartphone patent license deal with China's Huawei as part of their list of agreements.
Full details of the financial part of the agreement were not revealed, but Nokia said they would be starting getting revenue, including a one-off catch-up payment starting from the fourth quarter of the year.
Nokia has also struck licensing deals with other phone makers, including Apple, Xiaomi, LG and Samsung. These deals provides Nokia huge amounts of profit aside from getting 90% of its revenue from telecom network equipment.
It is expected that the Nokia deal would enable the company to keep up with the competitive market.
Today, Nokia is well-known for its technology patents which they started when they were the top company in the mobile handset industry. Some of its patents include technology that reduces hardware components for phones, how to save up on battery life and others.
